NICK GILLESPIE: "Question for Scott Walker Recall Fans: How Much Higher Should Wisconsin's Taxes Be?"
"If spending is going to exceed current levels of revenue, taxes (now or in the future, to pay for borrowing) have to go up. Relying on future economic growth to pay for ongoing increases in spending is a mug's game at the state level, as Reason has shown. Whenever states get a few cents in their pocket, they don't simply spend that amount, they commit to massive new plans to keep spending more and more."

MICHAEL TANNER: "Europe's Failed 'Austerity'"
"In the wake of French and Greek elections last weekend, the backlash against European austerity is now in full swing. Meanwhile, in the U.S., advocates of big government are insisting that the European debacle proves we must reverse our efforts to reduce debt and deficits. After all, Paul Krugman writes in the New York Times, 'claims that slashing government spending would somehow encourage consumers and businesses to spend more have been overwhelmingly refuted by the experience of the past two years.' Given Europe’s continued slow growth, Professor Krugman might have an argument to make — if there actually had been any austerity in Europe over the last two years."

NEWS

FINANCE - Fed Clears China's First U.S. Bank Takeover
"The United States on Wednesday opened its banking market toICBC, China's biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company."

FEDERAL SPENDING - GOP Grills HHS on Spending
"GOP members of the Energy and Commerce Committee’s oversight subcommittee took turns shredding HHS spending on international travel, the agency’s growing payroll, funds purportedly used for spaying and neutering dogs and decisions to ignore Government Accountability Office recommendations to eliminate ineffective programs."